Bird & Bird's Warsaw office has advised a joint venture of two private Lithuanian energy groups, E-Energija and Sun Investment Group, on the acquisition of a 42 MWp portfolio of solar projects with a contract for difference secured under Poland's current support system for renewable energy (in the form of renewable auctions). The seller, Polish solar developer R.Power Renewables, was represented by White & Case.
A "contract for difference" is a contract in which the seller stipulates that it will pay the buyer the difference between the current value of an asset and its value at contract time (if the difference is negative, then the buyer pays instead to the seller)."
Bird & Bird advised the purchaser on the due diligence of the portfolio and drafted and negotiated the entire transaction documentation with the seller. The process lasted from November 2017 until March 2018, when it successfully closed. The firm's lawyers included Counsels Andrzej Nentwig and Katarzyna Piechocka, Senior Associate Bartlomiej Sikora, former Senior Associate Andrzej Walkiewicz, Associates Lukasz Petelski, Edyta Deszczka, and Cyprian Szeretucha, and Junior Associate Adam Lukaszewski.
White & Case’s team included Partners Marcin Studniarek and Marek Sawicki.